25 Ways We Help Clients Build Better Relationships with Their Money
18.) We encourage clients with “action items” (i.e. homework) to save more, spend more, and/or obtain estate planning documents and insurance policies to minimize anxiety and maximize happiness.
Each year when we meet with clients, we go over how their year went and discuss what their financial priorities. After reviewing all the financial documents that were uploaded to us, we also discuss their progress towards their financial goals and whether they are “ahead of,” “on track with” or “behind” the financial plan we put into place. One simple way we do this is by comparing where the specific projections had estimated their retirement capital would be by this year with where the clients retirement capital and assets actually are.
When we do an annual review or plan update, we also often provide a check-list of “Action Items” for our clients to accomplish in the coming year. If we discussed prioritizing gifting via an early/living inheritance plan – we might put an action item of “decide on a fun way to tell your grandchildren you will be contributing $10,000 each year towards their 529s.” If we had discussed needing to save more to reach your goal of financial independence by age 60, we might include “Contribute the maximum $7,000 to your Roth IRA before the end of the year.” If you’ve been putting off updating your Health Care Directive and Will, we might add “Meet with a licensed and qualified attorney to update your Will/estate planning documents.”
Having a checklist of action items that we collaboratively created can help you remember to accomplish the most important financial “to-dos” each year.
Please contact us at: Contact Arrivity or 206.217.2583 or info@arrivity.com if we can assist you or someone you know with financial planning.
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